2015 Property and Casualty Insurance Industry Outlook
Focusing on the big picture
2015 and beyond
In many ways, the Property and Casualty (P&C) insurance industry is better positioned to grown than it has been for quite some time. The Irish economy’s recovery is gaining momentum, sparking stronger and steadier gains in the labour market. P&C premium income should rise in 2015 as the industry benefits from an influx of additional insurable exposures in both personal and commercial lines.
Plenty of challenges remain to keep industry executives on their toes. Whether it’s the evolving threat of cybercrime, the effort to quantify and mitigate the impact of climate change, or how to efficiently meet the constant changes in the regulatory environment, P&C leaders will have their hands full. Agility and innovation are therefore likely to be increasingly important to upgrade capabilities and spark sustainable growth.
In this outlook, we strive to alert the industry to the threats and opportunities that may lie ahead, as well as offer practical suggestions for what insurers ought to do about them. However, while touching upon the general impact of the economy and the state of cyclical insurance markets, we focus the bulk of our attention on more systemic, bigger-picture agenda items that are likely to have a significant effect on consumer behavior and insurer operations well beyond the year ahead.
Our views on industry trends and priorities for 2015 are based on the first-hand experience of many of Deloitte’s leading practitioners from Ireland and the US, and supplemented by P&C insurance research from the Deloitte Center for Financial Services led by Jim Eckenrode.
The bulk of the report will explore a number of key areas for P&C companies to address over the coming year, each including a specific look at the focus for 2015 and a “bottom line” that provides some actionable takeaways for industry leaders to consider.
We hope you find this report insightful and informative as you consider your company’s strategic decisions. Please share your feedback or questions with us. We would value the opportunity to discuss the report directly with you and your team.